Final answer:
A labor union is an organization that aims to improve working conditions and wages for its members through collective bargaining and other measures to balance power dynamics in the labor market.
Step-by-step explanation:
An organization of workers that aims to enhance working conditions, wages, and benefits for its members is called a labor union. Such unions engage in collective bargaining with employers to negotiate contracts that cover a multitude of workplace issues.
These may include setting parameters for work hours, ensuring safer work environments, providing health benefits, supporting workers through programs, and advocating for the end of child labor. Labor unions serve to balance the power dynamics in the labor market, often operating with a level of authority akin to a monopoly when negotiating with firms. Decisions reached through collective bargaining impact not just union members but can set precedents affecting the broader industry or sector.